October 21, 2004

Argentina's Soybean Exports In August Up 98% From Year Ago

Argentina exported 848,662 metric tons of soybeans in August, or 97.8% more than the 428,962 tons exported during the same month a year ago, the latest Agriculture Secretariat data show.

Soybean shipments are up largely because China, which is by far the top importer of local beans, bought much more than it did a year earlier.

China imported almost 80% of Argentina's soybeans in August. The country bought 664,490 tons of local beans that month, or 606% more than the 94,140 it imported during the same month in 2003.

China's bean imports are also up from July, when it bought 545,837 tons from Argentina.

Thailand was the second-biggest buyer of local soybeans in August, accounting for 62,586 tons, compared with 42,741 during the same month a year ago.

Surprisingly, Brazil, the world's No. 2 soybeans producer and exporter, ranked third with 26,100 tons against zero tons a year earlier.

The Secretariat estimates that Argentina produced 32 million tons of soybeans during the 2003-04 campaign, compared with 34.8 million in 2002-03.

The US Department of Agriculture sees 2004-05 soybean production at 39 million tons. It estimates that Argentina will export 6.8 million tons of 2003-04 soybeans but that this figure will rise to 7.97 million tons for 2004-05.

Argentina is the world's No. 3 soybean producer and exporter behind Brazil and the US.